Posts Tagged ‘Coinbase BitLicense’

Some more Bitcoin and crypto currency oriented businesses have announced that they will not be applying for BitLicense and thus will stop offering their services to residents of the state of New York. These companies include the Bitcoin cloud mining service Genesis Mining:

Genesis Mining will not be able to comply with the regulations set forth by the proposed BitLicense and as such, we will no longer be able to accept customers from the state of New York. All current customers will be able to continue their services, but going forward, no one with an IP address from the state of New York will be able to purchase hashpower contracts with us.

Then there is also the LocalBitcoins, a service that connects people willing to sell and buy Bitcoins all over the world. Interestingly enough at the same time one of the biggest online Bitcoin wallet providers and payment processor service Coinbase has announced they will be applying for BitLicense. Applying for a BitLicense has two sides, one regarding the process itself that seems to be long and costly endeavor for the companies, and the other is the concern regarding the customer’s privacy and how it will be affected after a company complies with the BitLicense regulations.

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